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Global Capital Markets

Summer Associate

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Placement and duration

Summer Associates in Global Capital Markets (GCM) are directly placed into one of our main departments: Equity Capital Markets, Fixed Income Capital Markets, Leveraged Finance or Client Solutions. During the 10-week program, you will be working with our clients on complex, innovative financing and risk management solutions. The environment is market-driven and reflects that of an open trading floor where you are closely integrated with your team. The GCM experience and its flat structure will provide you with a high level of responsibility early in your career.

Training program

The Summer Program begins in June with a one-week training program at our corporate headquarters in New York City. Training consists of a variety of presentations and exercises led by experts ranging from professors and industry leaders to current bankers. It includes course work in accounting, industry and product-specific training, introduction to Morgan Stanley proprietary analytical tools and an overall introduction to the Firm. Associates then spend the summer in one of our specific groups building a foundation of financial skills and a solid understanding of the markets. You will have mentors to aid you in your development and provide greater exposure to GCM and the Firm, and you will participate in regular training sessions hosted by Firm representatives on various topics ranging from new trends in the marketplace to group overviews.

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Responsibilities

Summer Associates in GCM work in one of our main departments Equity Capital Markets, Fixed Income Capital Markets, Leveraged Finance or Client Solutions. The roles and responsibilities can vary by group and may include:

  • Equity Capital Markets: Learn how to read complex financial models and understand basic multiples such as P/E and Aggregate Value/EBITDA, in order to value companies; learn how equity deals are priced and play an active role in the origination and execution of transactions while working closely with your Corporate Finance counterparts in Investment Banking.
  • Fixed Income Capital Markets: Provide clients with valuable updates on market news and trends and how these affect their access to the debt capital markets; work with our trading and syndicate desks on rate views, product management and deal execution; build and run complex financial models.
  • Leveraged Finance: Analyze and create—for both corporate and financial sponsors—various financing alternatives in the context of debt and/or loan financing, leveraged buyouts and acquisition financings; create complex financial models and work closely with Investment Banking professionals to develop projections and valuation and merger analyses as it relates to evaluation of capital structure alternatives; develop client presentations.
  • Client Solutions: Provide clients with holistic solutions to various issues, from asset monetization and relationship lending to pension and risk across all sectors, including financial institutions and corporate clients; supply valuable analysis on market news and trends and the subsequent effect on clients’ access to capital markets; collaborate with trading and syndicate desks on rate and market views, product management and deal execution; structure complex financial transactions and develop, in conjunction with Investment Banking, valuation analysis as it relates to merger and acquisition activity.

Qualifications/ Skills/ Requirements

  • You are an MBA or a J.D. student graduating between December 2020 and June 2021.
  • You have at least two to three years of work experience (preferred).
  • You can manage multiple projects, provide complicated financial analysis, and develop appropriate corporate finance solutions.
  • You have excellent analytical and decision making abilities.

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Morgan Stanley New York

Founded in New York City in 1935, Morgan Stanley has evolved into one of the world's foremost financial institutions, with more than 55,000 employees in 43 countries. Our New York headquarters offers the finest in financial thinking, products and execution to individual investors, companies, institutions and government agencies. We offer our clients the personalized attention and service of a boutique, the intelligence and creativity of the brightest professionals in the industry and the global resources of Morgan Stanley.

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Application Process & Deadlines

Students must apply online at www.morganstanley.com/careers.

After submitting your application, you may be asked to complete a video-recorded questionnaire through HireVue. You will receive an email with additional information on how to complete the video shortly following submission of your application.

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